637 Silver Pass Unit B · Silver Springs Shores, FL 34472

$109,900

2 bd · 1.5 ba · 1,031 sqft · Condo public records · 56 Days on market

Built 1972 $107/sqft · at area comps Est $106k · at est. $309/mo HOA · 22% of rent

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.4/30.0
• Appreciation +8.0/10.0
• 1% rule +7.9/10.0
• DSCR +6.1/10.0
• ARV discount +5.8/15.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Second-floor condo in The Fairways at Silver Springs Shores offers 1,031 sq ft of low-maintenance living with an assigned parking space and a screened porch. The electrical panel was replaced in September 2024, water heater in 2020, and toilets in 2022. The AC unit was replaced in 2016 and the roof in 2019, with roof maintenance covered by the HOA. Washer and dryer are included in the sale. Monthly HOA fee covers cable TV, community pool access, pool maintenance, exterior building maintenance, grounds maintenance, and trash removal. The Country Club at Silver Springs Shores — an 18-hole public golf course — is less than 0.5 mi away on Silver Rd. Publix, Walmart, and Aldi are all within approximately 2.5 mi via SR-464. Silver Springs Shores Community Center, with a pool, tennis, and basketball courts, is approximately 1.0 mi away. Downtown Ocala is approximately 10 mi northwest.

Key facts

• Toilets replaced
• Ac unit replaced
• Screened porch

Tags

• SCREENED PORCH
• ASSIGNED PARKING SPACE
• ELECTRICAL PANEL REPLACED
• WATER HEATER REPLACED
• TOILETS REPLACED
• AC UNIT REPLACED

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $122 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 4.7% in Silver Springs Shores — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#527 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime C-, employment D, schools F.
• Marion (rural): math 42% / reading 43% proficiency, ranked #61 of 73 in FL (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 674 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 7,071 units permitted in Marion County in 2024 (534 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($760 loan paydown + $7k appreciation (5.9% local appreciation)).
• Marion County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (5.9% appreciation + 0.2% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $33k; list at $110k implies a 233% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $106,603 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.29% ✓
• Cap rate: 7.62%
• Cash-on-cash: 4.75%
• DSCR: 1.21
• GRM: 6.5

CMA / ARV

• ARV (median comp): $105,896
• List price: $109,900
• Delta: 3.78%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

5.93% appreciation · 0.17% rent growth · sell at horizon

5-year hold

• IRR: 17.5%
• Equity multiple: 2.15×
• Total profit: $35,303
• Equity at exit: $68,620

10-year hold

• IRR: 16.0%
• Equity multiple: 3.96×
• Total profit: $91,126
• Equity at exit: $124,037

Cash invested: $30,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 34472

• Home prices YoY: 2.4%
• Rents YoY: 0.2%
• Active inventory: 674
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,415 high
• Mortgage (P&I): −$576
• Tax from tax record: −$65 /mo · $781/yr
• Insurance: −$46
• HOA: −$309
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $122

Break-even live

Break-even rent $1,261

Max offer price $109,900

Occupancy floor 86%

Sensitivity live

Price	-10% $184	-5% $153	+0% $122	+5% $91	+10% $60
Rent	-10% $10	-5% $66	+0% $122	+5% $178	+10% $234
Rate	-1.0pp $177	-0.5pp $150	base $122	+0.5pp $93	+1.0pp $64

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
633 Silver Pass Unit B Ocala, FL	2.0	2.0	1072	$1,500	$1.40	21d	1	0.02mi
593 Fairways Cir Unit A Ocala, FL	2.0	1.5	1031	$1,200	$1.16	21d	1	0.04mi
561 Fairways Cir Unit A Ocala, FL	2.0	1.5	1031	$1,250	$1.21	21d	1	0.13mi
549 Fairways Dr Unit A Ocala, FL	2.0	2.0	1072	$1,200	$1.12	21d	1	0.15mi
582 Fairways Cir Unit A Ocala, FL	2.0	2.0	1304	$1,500	$1.15	21d	1	0.16mi
553 Fairways Cir Unit B Ocala, FL	2.0	2.0	1304	$1,700	$1.30	14d	1	0.16mi
708 Bahia Cir Ocala, FL	3.0	2.0	1352	$1,500	$1.11	21d	1	0.23mi
532 Bahia Cir Unit A Ocala, FL	2.0	1.5	1027	$1,300	$1.27	21d	1	0.24mi
520 Fairways Cir Unit A Ocala, FL	2.0	1.5	1027	$1,100	$1.07	21d	1	0.24mi
548 Fairways Cir Unit C102 Ocala, FL	2.0	2.0	850	$1,400	$1.65	21d	1	0.27mi
510 Fairways Cir Unit A Ocala, FL	2.0	2.0	1000	$1,299	$1.30	21d	1	0.27mi
681 Midway Dr Unit A Ocala, FL	2.0	2.0	1000	$1,250	$1.25	14d	1	0.28mi
681 Midway Dr Unit A Ocala, FL	2.0	2.0	1000	$1,250	$1.25	21d	1	0.28mi
544 Silver Crse Ocala, FL	2.0	1.0	904	$1,395	$1.54	14d	1	0.34mi
454 Fairways Cir Ocala, FL	2.0	2.0	837	$1,200	$1.43	21d	1	0.36mi
454 Fairways Cir Unit B203 Ocala, FL	2.0	2.0	850	$1,375	$1.62	21d	1	0.36mi
454 Fairways Cir Unit B204 Ocala, FL	2.0	2.0	837	$1,289	$1.54	21d	1	0.36mi
576 Fairways Ln Unit M104 Ocala, FL	2.0	2.0	837	$1,250	$1.49	21d	1	0.37mi
608 Midway Dr Unit A Ocala, FL	2.0	1.5	1054	$1,500	$1.42	14d	1	0.39mi
567 Midway Trak Unit H201 Ocala, FL	3.0	2.0	1029	$1,350	$1.31	14d	1	0.39mi
7817 Midway Drive Ter Unit A103 Ocala, FL	1.0	1.0	729	$1,300	$1.78	21d	1	0.42mi
54 Pine Trak Unit 104F Ocala, FL	2.0	2.0	832	$1,300	$1.56	21d	1	0.54mi
58 Pine Trak Unit 104D Ocala, FL	2.0	2.0	832	$1,050	$1.26	21d	1	0.56mi
62 Pine Trak Ocala, FL	2.0	2.0	832	$1,250	$1.50	21d	1	0.60mi
9337 Bahia Rd Ocala, FL	3.0	2.0	1402	$1,765	$1.26	14d	1	0.67mi
478 Water Pl Ocala, FL	3.0	2.0	1228	$1,650	$1.34	21d	1	0.72mi
455 Water Rd Ocala, FL	3.0	2.0	1275	$1,450	$1.14	14d	1	0.85mi
446 Water Rd Ocala, FL	3.0	2.0	1248	$1,425	$1.14	21d	1	0.87mi
12 Spring Loop Ocala, FL	2.0	1.0	900	$1,350	$1.50	14d	1	0.99mi
162 Bahia Terrace Dr Ocala, FL	2.0	2.0	984	$1,375	$1.40	21d	1	1.09mi
43 Bahia Pass Ocala, FL	3.0	2.0	1188	$1,475	$1.24	21d	1	1.17mi
60 Bahia Court Trak Ocala, FL	3.0	2.0	1413	$1,695	$1.20	21d	1	1.21mi
13 Pine Radial Dr Ocala, FL	3.0	2.0	1453	$1,795	$1.24	21d	1	1.24mi
5 Cedar Ln Ocala, FL	3.0	2.0	1064	$1,750	$1.64	21d	1	1.29mi
7184 Hemlock Loop Ocala, FL	3.0	2.0	1392	$1,675	$1.20	21d	1	1.32mi
27 Sapphire Run Ocala, FL	3.0	2.0	1255	$1,500	$1.20	21d	1	1.35mi
7455 Midway Ter Unit K Ocala, FL	2.0	1.0	904	$1,249	$1.38	21d	1	1.47mi

HOA detail condo

• Monthly dues: $309 · $3,708/yr
• Likely covers: watertrashelectriccablelandscapingroofpoolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-18
   days on market $109,900 Active 56 DOM
2. 2026-06-17
   days on market $109,900 Active 55 DOM
3. 2026-06-16
   days on market $109,900 Active 54 DOM
4. 2026-06-15
   days on market $109,900 Active 53 DOM
5. 2026-06-14
   days on market $109,900 Active 51 DOM
6. 2026-06-13
   days on market $109,900 Active 50 DOM
7. 2026-06-10
   days on market $109,900 Active 48 DOM
8. 2026-06-09
   days on market $109,900 Active 47 DOM
9. 2026-06-08
   days on market $109,900 Active 46 DOM
10. 2026-06-07
    days on market $109,900 Active 45 DOM
11. 2026-06-03
    days on market $109,900 Active 41 DOM
12. 2026-06-02
    pricedays on market $109,900 Active 40 DOM
13. 2026-06-01
    days on market $117,900 Active 39 DOM
14. 2026-05-31
    days on market $117,900 Active 38 DOM
15. 2026-05-30
    days on market $117,900 Active 37 DOM
16. 2026-05-13
    price $117,900 902-char remark

    Show marketing remark (902 chars)

    Second-floor condo in The Fairways at Silver Springs Shores offers 1,031 sq ft of low-maintenance living with an assigned parking space and a screened porch. The electrical panel was replaced in September 2024, water heater in 2020, and toilets in 2022. The AC unit was replaced in 2016 and the roof in 2019, with roof maintenance covered by the HOA. Washer and dryer are included in the sale. Monthly HOA fee covers cable TV, community pool access, pool maintenance, exterior building maintenance, grounds maintenance, and trash removal. The Country Club at Silver Springs Shores — an 18-hole public golf course — is less than 0.5 mi away on Silver Rd. Publix, Walmart, and Aldi are all within approximately 2.5 mi via SR-464. Silver Springs Shores Community Center, with a pool, tennis, and basketball courts, is approximately 1.0 mi away. Downtown Ocala is approximately 10 mi northwest.

17. 2026-04-23
    listed $119,900 Active 902-char remark

    Show marketing remark (902 chars)

    Second-floor condo in The Fairways at Silver Springs Shores offers 1,031 sq ft of low-maintenance living with an assigned parking space and a screened porch. The electrical panel was replaced in September 2024, water heater in 2020, and toilets in 2022. The AC unit was replaced in 2016 and the roof in 2019, with roof maintenance covered by the HOA. Washer and dryer are included in the sale. Monthly HOA fee covers cable TV, community pool access, pool maintenance, exterior building maintenance, grounds maintenance, and trash removal. The Country Club at Silver Springs Shores — an 18-hole public golf course — is less than 0.5 mi away on Silver Rd. Publix, Walmart, and Aldi are all within approximately 2.5 mi via SR-464. Silver Springs Shores Community Center, with a pool, tennis, and basketball courts, is approximately 1.0 mi away. Downtown Ocala is approximately 10 mi northwest.

18. 2016-08-03
    soldstatus $33,000
19. 2016-07-29
    soldstatus $33,000 474-char remark

    Show marketing remark (474 chars)

    2ND FLOOR CONDO WITH AN ENCLOSED 15 X 7 PORCH AREA TO BE USED AS ADDITIONAL LIVING AREA. CONDO IS IN EXCELLENT CONDITION & WILL BE SOLD WITH MOST OF THE FURNITURE. WASHER AND DRYER ARE NEW. CONVENIENT LOCATION NEXT TO BUS STOP IF NEEDED & WALKING DISTANCE TO THE SSS COMMUNITY CENTER. ENJOY THE POOL JUST STEPS AWAY OR THE POOLS AND RECREATION AT THE CENTER. CABLE OW INCLUDES MORE THAN 1OO CHANNELS. OWNERS HAVE TAKEN VERY GOOD CARE OF THIS CONDO. NOT OVER 55!!

20. 2016-07-04
    listed $34,900 474-char remark

    Show marketing remark (474 chars)

    2ND FLOOR CONDO WITH AN ENCLOSED 15 X 7 PORCH AREA TO BE USED AS ADDITIONAL LIVING AREA. CONDO IS IN EXCELLENT CONDITION & WILL BE SOLD WITH MOST OF THE FURNITURE. WASHER AND DRYER ARE NEW. CONVENIENT LOCATION NEXT TO BUS STOP IF NEEDED & WALKING DISTANCE TO THE SSS COMMUNITY CENTER. ENJOY THE POOL JUST STEPS AWAY OR THE POOLS AND RECREATION AT THE CENTER. CABLE OW INCLUDES MORE THAN 1OO CHANNELS. OWNERS HAVE TAKEN VERY GOOD CARE OF THIS CONDO. NOT OVER 55!!

21. 2006-09-07
    soldstatus $87,000
22. 2003-03-19
    soldstatus $39,000
23. 1985-12-01
    soldstatus $36,100

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $781 · $65/mo
• Projected year-2 tax: $912 · $76/mo
• Expected delta: +$131/yr (+$11/mo · 16.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 23 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,984
• − Mortgage interest: −$6,156
• − Property taxes: −$781
• − Insurance: −$550
• − Repairs & maintenance: −$1,359
• − Management: −$1,359
• − HOA: −$3,708
• − Depreciation: −$3,197
• Taxable loss: −$125
• Est. tax savings @ 24.0%: +$30
• After-tax cash flow: $1,493/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Marion
• NCES district ID: 1201260
• Math proficiency: 42% ▼ -7.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $40,015
• Composite: 35.61/100
• National rank: #4890
• State rank: #61 of 73 in FL

Livability — Silver Springs Shores

• Score: 68/100
• State rank: #527
• US rank: #9854

Category grades

Amenities F Commute F Cost of living A+ Crime C- Employment D Housing A+ Health & safety A- User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Silver Springs Shores, FL
• County: Marion County · 315,796 people
• City population: 34,665
• Metro: Ocala, FL
• Population (ZIP): 35,851
• Household income: $64,208
• Rent vs Own: 19.9% rent · 80.1% own
• Severe rent burden: 655.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 365,905 people
• By 2030: 376,768 · +3.0%
• By 2040: 396,555 · +8.4%
• By 2050: 412,723 · +12.8%
• By 2075: 446,090 · +21.9%
• By 2100: 436,193 · +19.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 50% Hispanic / Latino 25% Black 21% Two or more races 18% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 14% Cuban 3%
• Common ancestry: Romanian 2% Iranian 1% Lithuanian 1%
• Foreign-born: 11% · Canada, Jamaica, China
• Languages at home: 78% English-only · Spanish 19% Other Indo-European 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+31.6) · D 33.8% · R 65.5%
• 2008→2024 swing: -20.0pp toward R · 2008: -11.6pp · 2024: -31.6pp
• All cycles: 2024: R+31.6 2020: R+25.9 2016: R+26.2 2012: R+16.2 2008: R+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.93%
• Current HPI: 255.0714
• Rent YoY: ▲ 0.17%
• Metro: Ocala, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+226.6% since first listed

8 events — show timeline

• 2026-05-13 Price Changed $117,900 Stellar MLS as Distributed by MLS Grid
• 2026-04-23 Listed $119,900 Stellar MLS as Distributed by MLS Grid
• 2016-08-03 Sold (Public Records) $33,000 Public Records
• 2016-07-29 Sold (MLS) $33,000 Stellar MLS as Distributed by MLS Grid
• 2016-07-04 Listed $34,900 Stellar MLS as Distributed by MLS Grid
• 2006-09-07 Sold (Public Records) $87,000 Public Records
• 2003-03-19 Sold (Public Records) $39,000 Public Records
• 1985-12-01 Sold (Public Records) $36,100 Public Records

Property tax history

+0.0%/yr

Latest (2025): $781 · +41.4% YoY. Source: county tax records.